Homegrown auto major Tata Motors is planning to increase prices of its passenger vehicles during the ongoing festive season to offset rising input cost.

"We will hike prices of our vehicles. Currently we are working out the details," Tata Motors, President, Passenger Vehicles Business, Unit Mayank Pareek said.

When asked how soon the price increase will be effected, he said: "It could be during the festive season."

Explaining the reasons for such a step, Pareek said: "Input costs have increased and some of the industry players have already undertaken price hikes. Moreover, we have also not corrected our prices for a long time."